by Light therapy, also known as phototherapy or heliotherapy, is the use of light to treat medical conditions and to promote well-being. It involves exposure to daylight or to specific wavelengths of light using lasers, light-emitting diodes, fluorescent lamps, dichroic lamps or very bright, full-spectrum light. Light therapy products are used to treat skin conditions like acne, affective disorders and sleep problems by simulating exposure to natural sunlight. The devices mimic the sunlight spectrum and intensity to positively impact the human body. The advantages of light therapy include non-invasive treatment with no known side effects. It improves quality of life by alleviating symptoms of conditions like seasonal affective disorder, baby blues, jet lag and other mood changes.
The Global Light Therapy Market is estimated to be valued at US$ 1151.68 Mn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the light therapy market are Koninklijke Philips N.V., Verilux, Inc., Northern Light Technology, TheraLight, LLC, Zepter International, Photomedex Inc., Beurer GmbH, Nature Bright, Lucimed SA, PhotonMD, Inc., and BioPhotas. Koninklijke Philips N.V dominated the market with a share of over 15% in 2021.
The growing Light Therapy Market demand for non-invasive aesthetic and therapeutic treatments is driving the adoption of light therapy worldwide. With rising antidepressant resistance and a preference for medication-free options, light therapy devices are gaining popularity for treating seasonal affective disorder and other mood disorders.
Rapid digitization and increasing investor interest is aiding market expansion to new geographies. Major players are focusing on strategic partnerships and mergers to strengthen their global footprint and service offerings across both medical and consumer markets.
Market Key Trends
Photobiomodulation or low-level light therapy is emerging as a key trend in the industry. Also known as red light therapy, it involves irradiation of tissues with specific wavelengths of light to stimulate cellular activity. Preliminary research indicates photobiomodulation could help reduce inflammation, relieve pain and assist wound healing. Its applications are being explored across various therapeutic areas like dermatology, musculoskeletal disorders, dentistry and neurology. Continuous technological advances are expected to enhance the capabilities of photobiomodulation devices and drive their adoption in the coming years.
Porter’s Analysis
Threat of new entrants: Low capital requirement and established value chain act as a barrier for new players.
Bargaining power of buyers: Large customer base with fragmented demands limits buyers bargaining power.
Bargaining power of suppliers: Availability of substitutes restricts suppliers bargaining power.
Threat of new substitutes: Alternate therapies like medications, nutraceuticals pose substitution threat.
Competitive rivalry: Market dominated by few players and differentiated products and services intensify competition.
North America dominates the Light Therapy Market Regions Analysis and holds around 50% of the total market share, primarily due to the high prevalence of Seasonal Affective Disorder in the region. Increased acceptance and awareness about the benefits of light therapy also propel market growth. According to estimates, around 10–20% of Americans suffer from SAD each year, making the region most lucrative.
Asia Pacific region is poised to witness fastest CAGR during the forecast period. Increasing geriatric population suffering from various mental health issues and rising health care expenditures drive the regional market. Countries like China and India with large population centers present immense patient pool. Additionally, growing medical tourism favors market expansion in Asia Pacific light therapy market.
Geographical Regions
Europe holds the second largest market share and is one of the most promising regions worldwide. High research activities related to phototherapy and availability of favorable reimbursements support Europe light therapy industry. Germany, UK and Nordics account for major revenue share owing to developed healthcare infrastructure and awareness levels.
LAMEA region will experience upward trend over coming years. Brazil and Gulf economies with improving access to healthcare presents remunerative opportunities. However, lack of awareness and healthcare affordability remains a challenge to market growth in the regions.
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Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn
